Palo Alto Networks earnings date and guidance
Palo Alto Networks is expected to report its next results on November 18, 2026. The main thing to watch is whether ARR growth is broad-based and turns into cash after the recent acquisitions.
What has Palo Alto Networks guided for the year?
Management guides FY2027 revenue to $14,100–$14,200 million and NGS ARR—annualized recurring revenue from next-generation security products and services—to $11,075–$11,175 million. It targets a 29.5% non-GAAP operating margin and expects 60.0%–61.0% of FY2027 net new NGS ARR in the second half.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Next-Generation Security ARR (FY2027) | Year to Jul 2027 | 11,075 | 11,175 | Sep 1, 2026 |
| Total revenue (FY2027) | Year to Jul 2027 | 14,100 | 14,200 | Sep 1, 2026 |
| Non-GAAP operating margin (FY2027) | Year to Jul 2027 | 29.5% | 29.5% | Sep 1, 2026 |
| Net new NGS ARR in the second half (share of full-year total) | Year to Jul 2027 | 60.0% | 61.0% | Sep 1, 2026 |
Has Palo Alto Networks kept its past promises?
The company did not reset annual performance targets after its 2024 strategy change. The relevant portions of two earlier awards therefore earned zero. For fiscal 2026, maximum recurring-revenue achievement required $400 million above target, but the zero-payout boundary also moved farther below target. The revised scale demands more exceptional upside while allowing a larger miss before payout disappears.
How have Palo Alto Networks revenue and profit changed over the last eight quarters?
PANW has recently cleared its quarterly hurdles. Across eight quarters, it exceeded consensus for both revenue and adjusted earnings. In Q4 FY2026, revenue reached US$3,410 million against US$3,350 million expected. Adjusted earnings were US$1.02 a share against US$0.98 expected. That record shows consistent execution, but a beat only measures performance against the forecast available at the time.
| Jul 2026 | Apr 2026 | Jan 2026 | Oct 2025 | Jul 2025 | Apr 2025 | Jan 2025 | Oct 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,410 | 3,002 | 2,594 | 2,474 | 2,536 | 2,289 | 2,257 | 2,139 |
| Gross margin | 67.6% | 67.6% | 73.6% | 74.2% | 73.2% | 73.0% | 73.5% | 74.1% |
| Operating income | 172 | -183 | 397 | 309 | 497 | 219 | 241 | 286 |
| Net income | -282 | -177 | 432 | 334 | 254 | 262 | 267 | 351 |
| EPS, diluted | -0.35 | -0.22 | 0.61 | 0.47 | 0.36 | 0.37 | 0.38 | 0.49 |
What should I watch in Palo Alto Networks’ next results?
The October quarter is the first practical test after the new acquisitions. Management expects revenue of US$3,300–3,310 million and NGS ARR of US$9,540–9,560 million. The likely November 18 release date has not been confirmed.
The explanation behind those totals matters as much as the totals themselves. Investors should ask how much ARR came from the final Chronosphere migration, how broadly other customers contributed and how much cash remained after buying Embrace and Console. An early shortfall in new ARR could fit management’s plan if most growth arrives later, but repeated delays would make the July target more fragile.